ICBC Picked as Yuan-Clearing Bank in Singapore

By

Lingling Wei

Feb. 8, 2013 1:57 a.m. ET

BEIJING—China has chosen Industrial & Commercial Bank of China Ltd. to clear yuan-denominated trades in Singapore, according to its central bank, a status that could help the city-state build itself into a yuan-trading hub outside China.

ICBC, China's biggest bank by assets, had been competing against smaller rival Bank of China Ltd. for the right to clear yuan trades in Singapore since last year. Bank of China traditionally has dominated the yuan-clearing business outside mainland China, having served for years as the...